If the Price of Good X Is $90 and the Price

question 31

Multiple Choice

If the price of good X is $90 and the price of good Y is $30,it follows that the relative price of one unit of good Y is ___________ unit(s) of good X.

• A) 0.33
• B) 1.33
• C) 3.00
• D) 2.00
• E) There is not enough information to answer the question.

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Definitions:

Domestic Price

The price of goods or services within a country's borders, influenced by local supply and demand conditions.

Exports

Goods or services sold by a country to buyers located in other countries.

Export Supply

The total amount of goods and services a country's producers are willing and able to sell abroad at a given price level.

Import Demand

The desire or need for products or services brought into a country from abroad.